Publication Name

MINING FOR CLOSURE

reference will have been made to the minimum

standards applicable under the World Bank and IFC

Pollution Prevention and Abatement Guidelines (Ex-

hibit III) and, for projects located in low and mid-

dle income countries as defined by the World Bank

Development Indicators Database, the EA will have

further taken into account the then applicable IFC

Safeguard Policies (Exhibit II). In each case, the EA

will have addressed, to our satisfaction, the project’s

overall compliance with (or justified deviations

from) the respective above-referenced Guidelines

and Safeguard Policies.

For all Category Aprojects, and as considered appropri-

ate for Category B projects, the borrower or third party

expert has prepared an Environmental Management

Plan (EMP) which draws on the conclusions of the

EA. The EMP has addressed mitigation, action plans,

monitoring, management of risk and schedules.

For all Category A projects and, as considered appro-

priate for Category B projects, we are satisfied that the

borrower or third party expert has consulted, in a struc-

tured and culturally appropriate way, with project af-

fected groups, including indigenous peoples and local

NGOs. The EA, or a summary thereof, has been made

available to the public for a reasonable minimum pe-

riod in local language and in a culturally appropriate

manner. The EA and the EMP will take account of

such consultations, and for Category A Projects, will

be subject to independent expert review.

The borrower has covenanted to:

comply with the EMP in the construction and

operation of the project

provide regular reports, prepared by in-house

staff or third party experts, on compliance with

the EMP and

where applicable, decommission the facilities

in accordance with an agreed Decommission-

ing Plan.

As necessary, lenders have appointed an independ-

ent environmental expert to provide additional mon-

itoring and reporting services.

In circumstances where a borrower is not in com-

pliance with its environmental and social covenants,

such that any debt financing would be in default, we

will engage the borrower in its efforts to seek solu-

tions to bring it back into compliance with its cov-

enants.

These principles apply to projects with a total capital

cost of $50 million or more.

The adopting institutions view these principles as a

framework for developing individual, internal practices

and policies. As with all internal policies, these princi-

ples do not create any rights in, or liability to, any person,

public or private. Banks are adopting and implementing

these principles voluntarily and independently, without

reliance on or recourse to IFC or the World Bank.

Exhibits are available via links at the website. The Exhibits

include:

Exhibit I

: Environmental and Social Screening Process

Exhibit II

: IFC Safeguard Policies

Exhibit III

: World Bank and IFC Specific Guidelines